The House of Representatives has proposed a commission to track Federal Government assets, monitor their value and prevent the unauthorised sale or disposal of public property.
The proposed National Public Assets Management Commission would require ministries, departments, agencies and government-owned enterprises to register their assets in a central database and obtain approval before selling, leasing or granting concessions over public property.
The National Public Assets Management Commission Bill, 2026, sponsored by Lagos lawmakers Ademorin Kuye and Lanre Okunlola, was introduced on the floor of the House on Tuesday.
Under the proposed law, the commission would have powers to demand asset inventories, inspect government premises and records, issue binding directives and report persistent violations to the President and the National Assembly.
The bill also proposes a National Public Assets Register containing details of government property, including ownership, location, acquisition cost, current value, condition, revenue generated and outstanding financial obligations.
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Existing public institutions would have 12 months after the law’s commencement to submit their asset inventories, while newly acquired assets would have to be registered within 90 days.
The proposed commission would also publish annual reports showing the total value of federal assets, associated financial obligations and their net unencumbered value. Non-sensitive information would be accessible to the public through an online portal.
The legislation seeks to tighten controls on asset sales by requiring independent valuations, competitive processes and value-for-money assessments. It provides that public assets should not be sold below independently assessed market value except where the law permits an exception.
The bill also proposes stricter rules for disposing of obsolete government equipment, requiring technical assessments, independent valuation and competitive sales. Scrap would not be allowed to leave government premises without a certificate detailing its quantity, buyer, vehicle and destination.
Individuals convicted of pilfering public assets could face fines of at least three times the assets’ assessed value or imprisonment, or both. Corporate bodies could face fines of at least five times the value, alongside possible suspension from future disposal transactions.
Other proposed offences include concealing assets, submitting false declarations, fraudulent valuation and disposing of public property without approval. The bill also provides for whistleblower protection and sanctions against non-compliant institutions.
The commission would maintain a separate register of recovered assets held by institutions including the Economic and Financial Crimes Commission, the Independent Corrupt Practices and Other Related Offences Commission and the Asset Management Corporation of Nigeria.
However, the proposed law would preserve the investigative and prosecutorial powers of the EFCC and ICPC, as well as the constitutional responsibilities of the Auditor-General for the Federation.
If enacted, the bill would establish a central framework for tracking and managing federal assets, with its effectiveness depending on implementation and enforcement across government institutions.
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